Sen. Cruz Leads Efforts to Defund Consumer Financial Protection Bureau

Sen. Cruz Leads Efforts to Defund Consumer Financial Protection Bureau

Sen. Cruz Leads Efforts to Defund Consumer Financial Protection Bureau

Sen. Ted Cruz, R-Texas, who has tried several times in the past to eliminate the Consumer Financial Protection Bureau, is introducing legislation to defund the agency Democrats created after the 2008 financial crisis.

Cruz’s legislation, planned for Wednesday, proposes that the amount of money that can be transferred from the Federal Reserve to the CFPB to be set at $0, reports The Wall Street Journal.

“The CFPB is an unelected, unaccountable bureaucratic agency that has imposed burdensome and harmful regulations on American businesses, banks, and credit unions,” Cruz said in a statement. “It is an unchecked Obama-era executive arm, and the Federal Reserve should not be transferring funds to it. Enacting this legislation would save American taxpayers billions of dollars, and I call on the Senate to expeditiously take it up and pass it.”

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